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This document discusses financial planning options for elder care. It covers Medicare and Medicaid programs, long-term care insurance, budgeting out-of-pocket expenses, money saving tips, selecting a financial advisor, and ways to retrieve cash from home equity like reverse mortgages, deferred payment loans, and gifting the home. The goal is to help plan for longer lifespans and cover assisted living costs that insurance may not.
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Spencer Lodge Fund Advisers Dubai Life Insurance. Spencer Lodge MD of Fund Advisers Dubai Universal life insurance offers you the freedom to increase or decrease your policy’s death benefit to fit your individual needs. Policies have minimum and maximum premium amounts that you must meet to maintain your coverage, but the timing of payments can be flexible. Access to cash values Universal life insurance policies have a cash value that has the potential to increase over time. If financial needs arise, you can tap into your policy by taking tax-advantaged policy loans and making partial withdrawals without income taxes.
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- 1. Financial Planning for Elder Care
- 3. Elder Care Planning The average life expectancy has increased approximately 15 years since the 1930s.
- 4. Elder Care Planning The average age of our population continues to climb.
- 5. Elder Care Planning Make sure your loved one is involved with elder care selection.
- 6. The Complete Elder Care Planner Joy Loverde
- 7. Elder Care Planning Help your loved ones plan to live longer lives!
- 8. Financial Planning Options
- 9. Medicare A state and federal healthcare insurance program.
- 10. Medicare People 65 and older, and others with specific disabilities, have minimal hospital and medical healthcare coverage.
- 11. Medicare Supplemental Policy This insurance picks up where Medicare leaves off.
- 12. Medicaid Jointly funded by state and federal governments for people with low incomes.
- 13. Long-Term Care Insurance Designed to cover custodial care for both short-term and long-term assisted-living needs.
- 14. Long-Term Care Insurance Premiums are based on: • Age
- 15. Long-Term Care Insurance Premiums are based on: • Age • Current health status
- 16. Long-Term Care Insurance Premiums are based on: • Age • Current health status • Chosen features of the plan
- 17. Where to Find LTC Insurance • Senior advocacy groups • Private insurance companies • Business associations • Your last employer
- 18. Long-Term Care Insurance Be sure the plan covers domestic help and personal care.
- 19. Long-Term Care Insurance Be sure the policy is guaranteed renewable.
- 20. Long-Term Care Insurance Be sure premium levels are locked in.
- 21. Long-Term Care Insurance Ask about tax-qualified policies.
- 23. Budgeting Expenses Not all expenses are covered by financial plans.
- 24. Budgeting Expenses • Living expenses
- 25. Budgeting Expenses • Living expenses • Home maintenance
- 26. Budgeting Expenses • Living expenses • Home maintenance • Healthcare expenses
- 27. Budgeting Expenses • Living expenses • Home maintenance • Healthcare expenses • Alert telephone
- 28. Questions to Ask What is my short-term and long-term financial state?
- 29. Questions to Ask How much can I pay for out-of-pocket expenses?
- 31. Money Saving Tips Have routine tests done before checking into a hospital.
- 32. Money Saving Tips Preapprove the cost of hospital and medical treatment and equipment.
- 33. Money Saving Tips File all your medical claims with your insurance company.
- 34. Money Saving Tips Use senior citizen discounts.
- 35. Money Saving Tips Purchase low-maintenance products.
- 36. Money Saving Tips Consult a tax advisor about long-range financial and tax strategies.
- 37. Selecting a Financial Advisor
- 38. Selecting a Financial Advisor For a referral, check your Social Security office.
- 39. Selecting a Financial Advisor What training and experience do you have?
- 40. Selecting a Financial Advisor How much do you charge?
- 41. Selecting a Financial Advisor Can you provide three references?
- 42. Selecting a Financial Advisor Do you charge for an initial visit?
- 43. Selecting a Financial Advisor Do you provide written reports?
- 44. Retrieving Cash
- 45. Retrieving Cash Consider having your elder trade down to a smaller home.
- 46. Retrieving Cash Consider buying your elder’s home and leasing it back to him or her.
- 47. Retrieving Cash Consider a reverse mortgage.
- 48. Reverse Mortgage A reverse mortgage allows residents to occupy homes while receiving an income.
- 49. Reverse Mortgage The homeowner borrows against the value of the home and receives monthly payments or a line of credit from a mortgage lender.
- 50. Deferred Payment Loan Permits homeowner to defer payments of all principal interest until the homeowner dies or sells his or her home.
- 51. Homeowner Equity Account Permits homeowner to set up a line of credit secured by the value of his or her home.
- 52. “Gifting” the Home The gift recipient supplies the homeowner an agreed upon payment for as long as the homeowner lives.
- 53. Financial Planning for Elder Care